#solar energy #Italy #Milan #Enfinity Global #Italy Projects

Enfinity Global's Landmark Financing for Solar Development in Italy

Enfinity Global Inc., a prominent name in the renewable energy sector, has successfully reached a financial close of €316 million aimed at constructing eight large-scale solar power plants in Italy. With a cumulative capacity of 276 megawatts (MW), these projects are strategically situated in the regions of Emilia Romagna, Basilicata, and Lazio. The anticipated operational date for these solar facilities is set for the end of 2026.

The financing arrangement is noteworthy, structured as a club deal, led by renowned financial institutions including ING, Rabobank, and BNP Paribas. They acted as Mandated Lead Arrangers, Lenders, Original Hedging Counterparties, and Green Loan Coordinators. The total funding package incorporates €214 million in non-recourse senior debt as well as €101 million allocated for various necessities such as VAT facilities, letters of credit for Power Purchase Agreements (PPAs), photovoltaic (PV) modules, and decommissioning responsibilities.

Once fully operational, the newly established solar plants are expected to generate around 403 gigawatt-hours (GWh) of electricity annually. This output is projected to bring about a significant reduction of nearly 109,000 tons of CO₂e emissions per year, equating to the electricity needs of around 150,000 Italian households.

Carlos Domenech, CEO of Enfinity Global, expressed pride in collaborating with key partners to accelerate Italy's energy transition. He stated, "This milestone reinforces our long-term strategy and commitment to developing a sustainable energy platform that allows our customers to access competitively priced energy while generating investment in Italy and creating jobs."

Additionally, Julio Fournier Fisas, General Manager for Europe at Enfinity Global, highlighted that this financing marks their largest project financing to date in Italy. He mentioned, "This project supports our strategy of localizing energy production close to centers of consumption, allowing us to cater more effectively to the rising energy demands of our corporate and industrial clients based on their geographic locales."

This successful round of financing adds to Enfinity Global's remarkable total of €1.3 billion raised in Italy over the past two years. The company is actively advancing a robust 8 gigawatt (GW) pipeline of solar photovoltaic and storage projects within the country. Presently, they are overseeing 564 MW of projects that are already under construction in the regions of Lazio and Emilia-Romagna. Enfinity has established itself as a leader in Italy's solar Power Purchase Agreement (PPA) market, with a total of 805 MW in long-term agreements with industrial, corporate, and utility entities.

Thomas Beaumont, Head of Energy Origination EMEA at BNP Paribas, highlighted their commitment to fostering energy transition in European markets, stating, "This landmark financing underlines our strong partnership in renewable energy and exemplifies our dedication to supporting Enfinity's ambitious growth strategy globally."

Diederik van den Berg, Managing Director, Global Lead Renewables Power at ING, emphasized their ongoing commitment to renewable energy financing, noting that this is their third mandate in Italy with Enfinity and that they aim to grow their renewables lending portfolio to €7.5 billion annually by 2025.

In closing, Marc Schmitz, Head of Project Finance Europe and Asia at Rabobank, lauded the fruitful collaboration with Enfinity, reiterating their commitment to bolstering their position in the renewable energy sector. He stated, "We are thrilled to continue supporting Enfinity's growth as they expand their renewable energy assets."

This financing agreement was further bolstered by a team of advisors, including Bondholders as Facility Agent and Documentary and Security agent, legal advisors from Gianni Origoni and Bird & Bird, financial advising by Astris Finance, technical consulting by Vector Renewables, auditing by PricewaterhouseCoopers, and insurance advisory from MAG Consulting Srl.

Enfinity Global’s latest achievement underscores its critical role in advancing Italy’s renewable energy landscape and commitment to sustainable growth.